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City of'Roseville,, Minnesota January 6, 2003 (e) FederalReimbursement Regulations 0 Federal reimbursement regulations require the Cityl to, mia�ke a declaration, within 60 days of the actual payment, of itsintent to reimburse 'Its iffrorn expenses paid pn*or to the receipt of Bond proceeds. It is our und�erstan�ding the City has taken whatever actions are necesisa,ry to comply Wth the federal reimbursement regulations with regard to the Bonds.. F 12. Continuing Disclosure The Bonds are, subject, to, continuing disclosure requi"rements set forth by the Securities and, Exchange CommIssi , on. The SEC, rul�es require the Citly to, undertake an annual u�pdate of certain Official Statement information and report a�ny, matenial events sto 0 to, the na�tiona�l reposli nes�. Springsted offers, to provide confinuing ,fis�cloisure services fo r the City under a separate contract. A contract for such 0 serviceIr as well as a summary of the W continuing disclosure requirements, has been provided to City staff. 13. Aiffaichments Sources and Uses of Flunlds Debt Service Sche ale Terms of Proposal � 116-144 1 R14-0i On N�ovembler 5, 2002, the C,il�ty received voter authorization to issue $91,70�0,000 of general obligation bonds to finance improvernents to police and public works facilifies in order to comply with state and federal standards and to, c:ost-leffectively and efficiently meet future needs., The referendum resu ftis were 81,876 in favor! and 8,0143 opposed., A schedule showing the sources and uses of funds for the financing is shown on Page 6. State statutes, allow the City to increase the authon",zed amount of borrowing approved by the Al referendum by up to two percent to cover an a,l�lowan�ce for discount bidding by underwriters. I The attached Terms of Proposal permits an und�erwrliter's discolunt of' up to 1.1% of the face 9 t of the Bonds, or $106,700. However,, the, City! has dec�ided to keep the par amoun� lz�qual to the referendum amount of'$9,7001,000. I Annual principal and interest payments with respect to the Bonds are to be paid from voter! I approved ad valorern, property taxes. Each year's first-half collection of t1axes wil�l be used to pay the interest payment due September I in the year of collection. Second-half collections, of I taxes pil�us surplus first-half collections wi�ll be used to play e March 1 principal and interest palylment due in the following year. The, City will make its first levy for the Bonds in 2003 in the amount of'$ 1,012,068 for collection in 2004.